Elvis Presley’s granddaughter Riley Keough is to fight plans to put the music icon’s Graceland Estate in Memphis, up for public auction.
This comes after a company agreed to sell the property based on claims that a loan which used Elvis’ former home as collateral, was not repaid.
Promenade Trust who control the Graceland museum, have said that a public notice for a foreclosure sale of the estate was presented this month. It was claimed that Promenade Trust owe $3.8million, following non repayments of a 2018 loan.
The lawsuit has claimed that Riley Keough’s late mother Lisa Marie Presley, had used the Graceland estate as collateral for the loan. Riley inherited the trust and ownership of the home following her death last year.
According to the sale notice from Naussany Investments and Private Lending, Lisa Marie Presley reportedly failed to pay back the loan, as well as sought to sell the estate on the courthouse steps.
The sale of this estate is being challenged by Riley Keough, filing a lawsuit , seeking a temporary restraining order, which led to a Memphis judge blocking the public auction of this estate.
“fraudulent”
Releasing a statement on behalf of the Promenade Trust in the lawsuit last week, Riley Keough blasted the documents filed by Naussany as “fraudulent”.
“These documents are fraudulent”, Riley Keough’s lawyer said in the lawsuit. “Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments”.
The lawyer for Naussany Investments, have also declined to comment on this matter at the time of writing.
An injunction hearing has also been set up for Wednesday. This will take place in Shelby Chancery Court.
Elvis Presley Enterprises also released this statement yesterday.
“Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the counter lawsuit has been filed is to stop the fraud”.
Back in January, it was also confirmed that Lisa Marie Presley’s memoir would be released later this year. More on that story here.
